IDFC-Shriram merger called off on differences over swap ratio

We never got a formal counter-offer, presumably, because their set of shareholders could not get comfortable with our ask, said Rajiv Lall

IDFC Group and Shriram Group have called off their talks for a merger after failing to agree on a swap ratio. The two parties had, on July 8, entered into a 90-day agreement to evaluate a strategic combination of their relevant financial services. With no finality in sight, the parties had extended talks by a month till early November.

“Despite best efforts the two groups have not been able to reach an agreement on a mutually acceptable swap ratio. As a consequence, the exclusivity period stands terminated with immediate effect,” IDFC informed the stock exchanges.

Shriram City Union Finance and